NY State Senate Bill 2019-S1154

Senate Bill S1154

2019-2020 Legislative Session

Provides for a personal income tax credit for ten percent of the cost of long term health care insurance premiums

download bill text pdf

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to investigations and government operations
Jan 11, 2019	referred to investigations and government operations

2019-S1154 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S4319
2021-2022: S1525

2019-S1154 (ACTIVE) - Summary

Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.

2019-S1154 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1154

SPONSOR: TEDISCO
 
TITLE OF BILL:

An act to amend the tax law, in relation to authorizing a tax credit for
individuals who purchase long term health insurance policies

 
PURPOSE OR GENERAL IDEA OF BILL:

Chapter 245 of the laws of 1966, is designed to encourage the develop-
ment of various plans of which offer coverage for services provided in
residential health care facilities and community-based settings. The
purpose of this bill is to further encourage the development of these
policies by providing tax credits to those persons, age fifty-five or
older, who purchase state-sanctioned longterm health insurance policies.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 2 Amends section six hundred six of the tax law to add a new
subsection (h-1) to read as follows: Credit for purchase of long-term

care health insurance. A taxpayer who is fifty-five years of age or
older, shall be allowed a credit to be credited against the tax imposed
by this article in an amount equal to ten percent of the annual premium
paid on and after January first, two thousand eighteen for a contract
issued in connection with a health insurance plan for long term care as
provided for in section one thousand one hundred seventeen of the insur-
ance law.

 
JUSTIFICATION:

The fiscal limitations of many individuals render them unable to meet
the high costs of sound long-term health care. Together with escalating
costs of health care, these limitations have created a great demand for
public and private assistance. An avenue for meeting this demand without
placing a severe strain on federal, state, and local budgets is the
development of health insurance policies, which provide coverage for
services in residential health care facilities and community-based
settings. This bill will serve to further encourage the development and
purchase of these policies by offering incentives-in the form of tax
credits to those persons who purchase them. In doing so, it will stimu-
late the incentive of insurance suppliers to introduce policies in
accordance with the above-mentioned state criteria.

 
PRIOR LEGISLATIVE HISTORY:

02/09/17: S.4319 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/03/18: S.4319 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

02/06/18: S.4319 AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT
OPERATIONS

02/06/18: S.4319 PRINT NUMBER 4319A

 
EFFECTIVE DATE:
This act shall take effect immediately

2019-S1154 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1154
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2019
                                ___________
 
 Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation to authorizing a tax credit for
   individuals who purchase long term health insurance policies

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Legislative intent.   The legislature has hitherto recog-
 nized the need to increase the availability of private health  insurance
 for  long term care services provided in residential health care facili-
 ties and community-based settings.   It is the intent  of  this  act  to
 further encourage the development of such plans through the provision of
 tax credits for individuals who purchase state-sanctioned long term care
 health insurance plans.
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (h-1) to read as follows:
   (H-1) CREDIT FOR PURCHASE OF LONG TERM CARE HEALTH INSURANCE.  (1)   A
 TAXPAYER  WHO  IS  FIFTY-FIVE  YEARS  OF AGE OR OLDER SHALL BE ALLOWED A
 CREDIT TO BE CREDITED AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE  IN  AN
 AMOUNT  EQUAL  TO  TEN  PERCENT  OF THE ANNUAL PREMIUM PAID ON AND AFTER
 JANUARY FIRST, TWO THOUSAND NINETEEN FOR A CONTRACT ISSUED IN CONNECTION
 WITH A HEALTH INSURANCE PLAN FOR LONG  TERM  CARE  AS  PROVIDED  FOR  IN
 SECTION ONE THOUSAND ONE HUNDRED SEVENTEEN OF THE INSURANCE LAW.
   (2)    IN NO EVENT SHALL THE AMOUNT OF THE CREDIT PROVIDED FOR IN THIS
 SUBSECTION BE ALLOWED IN EXCESS OF THE TAXPAYER'S  TAX  FOR  SUCH  YEAR.
 HOWEVER,  IF  THE  AMOUNT  OF  CREDIT  OTHERWISE  ALLOWABLE  UNDER  THIS
 SUBSECTION FOR ANY TAXABLE YEAR  RESULTS  IN  SUCH  EXCESS  AMOUNT,  ANY
 AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER
 TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
 TAX FOR SUCH YEAR OR YEARS.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD05189-01-9

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